Tuesday, May 12, 2009

GBP USD- 05:11ET-Beginnings, Middles & Endings

22.3 pip gain with a 20 pip stop....little late on the entry which meant the stop was slightly too tight. Price moved approx. 75% into my stop before turning around.

Having a difficult time taking those entries that spin off from the initial entry. I view any potential loss as a waste of money rather than a business cost (which is how I view the initial entry)...I've seen the setup hundreds of times (drawn in yellow on the hourly) but I'm going to have to forward test it with reduced risk/ paper trade it to instill confidence in myself.

But there's one more issue.

I have this crazy bias against losing money in an instrument that I've just made money in. I think the problem stems from the abitrary use of the word "Just" and my feelings towards my account equity fluctuating between "positive" and "negative"- all subjective ways to measure progress. I've read my previous post on the subject to try to remind myself that there's no up or down until we choose to focus on something and use that as our reference point

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